Home prices in metro Charlotte, including distressed sales, continued to improve in August, rising 7.6 percent from a year earlier, according to CoreLogic Inc.’s index report released today.
However, it’s not as big a jump as in July, when home prices grew 8.3 percent year-over-year, according to CoreLogic (NYSE:CLGX).
Month-to-month figures edged up just 0.5 percent in August from July for the Charlotte-Gastonia-Rock Hill metro area, the report says.
Year-over-year home prices look even stronger when distressed sales, such as short sales and real estate-owned transactions, are excluded. With those sales removed from the calculation, home prices in the region bumped up 9.9 percent from August 2012.
On a month-to-month basis, home prices were up 0.7 percent with distressed sales removed, according to the Irvine, Calif.-based data firm.
National figures continue to show a strong, steady rebound in residential real estate. August marks the 18th consecutive month of year-to-year increases in home prices across the country. However, the size of those increases has leveled off.
"After a strong run, the rate of home price appreciation slowed in August," says Anand Nallathambi, CoreLogic CEO and president. "In addition to normal seasonality, the recent sharp rise in mortgage rates off their historic lows was a clear driver behind the slowdown. We anticipate moderate gains in home prices over the balance of this year, supported by the recent downward trend in rates and continued tight supplies of homes in many markets."
CoreLogic’s latest Home Price Index report says August U.S. home prices —with distressed-property sales included — were up 12.4 percent year-over-year and 0.9 percent month-over-month.
With distressed sales excluded, the annual gains in national home prices were weaker, rising 11.2 percent in August. On a monthly basis, home prices were up 1 percent in August from July.
"While prices increased more than 12 percent on a year-over-year basis, the month-to-month change is more telling of this year's late summer trend," Mark Fleming, chief economist for CoreLogic, says in the report.
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